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Outline and Account for recent trends in Australia's Balance of Payments.
Member rating: No Rating | Words: | Submitted: Mon Jun 28 2004
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Outline and Account for recent trends in Australia's Balance of Payments. Australia's balance of payments is made up of a Current Account Deficit (CAD) and a Capital and Financial Account Surplus. In the financial year of 2002-2003 the Current Account Deficit recorded was - $42,463million. Inversely the Capital and Financial Account recorded a $41,591million surplus, with errors adding up to -$426million. The Current Account Deficit has dramatically increased in previous years, in 01-02 the CAD was -$22,212million and in 00-01 a -$18,686 CAD deficit was recorded. The increase in the CAD from 00-01 to 01-02 was 18% and again in 01-02 to 02-03 the CAD rose this time a 91% rise was recorded. The Current Account Deficit is responsive to changes in domestic and world economic growth. In recent years imports have risen substantially while exports have lowered or stayed at the same level as previous years. The changes in import and...
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